CCP 12-28-1994 - Laserfiche WebLink

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. average annual cash-on-cash return should approach or exceed 10%. . Given the structure contemplated for the Redevelopment Contract, it is possible for the Redeveloper to have average Site Costs below $1.60 per square foot if the Redeveloper builds faster than is projected in the 9-year build-out or constructs projects of a greater valuation than the estimates being utilized in these analyses. The amount of assistance the City would provide with the Exhibit II scenario is the difference between $3.75 per square foot (no assistance) and $1.60 per square foot (with assistance) which is $2.15 times the net useable square feet of 2,558,172 which totals $5,500,070. This is essentially the number shown as total sources in Exhibit VII of the December 7 Memo (the number shown is exactly $5,496,261). When the total sources which equates to the level of assistance is added to deficit of $4,084,756 as shown in Exhibit VII, the resulting number equals the total uses of $9,581,018. . As the December 7 Memo indicates, the Redeveloper is requesting part of the assistance upfront, $1,750,000 by the issuance of a General Obligation Bond; the balance of the assistance to be paid over time through the issuance of a revenue note. In the December 7 Memo the revenue note would be a minimum of $3,746,262 (the sum of $3,504,111 and $242,151). However, the Redeveloper's goal is to reduce the $4 million deficit which results in the $1.60 per square foot Site Costs. The Redeveloper will make every effort to reduce the Site Cost below $1.00 per square foot. As the Redeveloper further lowers the Site Costs, it becomes even more advantageous to the City and other taxing jurisdictions. As the Conclusion of the December 7 Memo and Exhibit VIII (attached to this memo for reference) indicate, even while the Project is being developed, the taxing jurisdictions will receive $2.00 for every $5.00 of taxes paid. If the Project is built out more 6 .